Private Education Loans (Alternative Loans)
Federal loans may not be enough to cover all of your school-related expenses. After you have received all of your federal loan eligibility, you may consider applying for a private education loan (also called an alternative loan). Here are some things you should know before you borrow a private education loan:
- Most private education loans require a credit check.
- Most private education loans charge higher interest than Direct, Perkins, and PLUS loans.
- Some private education loans may charge lower interest than Unsubsidized Direct and PLUS loans depending on the signer and cosigner's credit score.
- Each private education loan has their own unique terms and conditions.
- Most private education loans require at least 6 credits and an eligible cosigner.
- Private education loans cannot exceed your cost of attendance including grants, loans, scholarships, and other financial resources.
- There is a federally mandated right-to-cancel period after your private education loan has been approved by the lender. This regulation will delay your funding for at least 10 business days.
There are many lenders who participate in this type of funding. The Utah State University Financial Aid office does not endorse any specific lenders. We provide the links below as places to start in your search for additional loan funding. Please take the time to carefully research the terms and conditions of each lender before deciding on which alternative loan to borrow.
FinAid.org offers a comprehensive overview of private education loan programs.
FASTChoice offers a loan comparison and application tool for USU's most used private education lenders.
FASTChoice also provides an interactive overview of important information about repaying your private student loans.
The following lenders have helped USU students with private loan funding over the past three years:
- GESA Credit Union
- Star One Credit Union
- Vermont Student Assistance Corporation
- Heritage West Credit Union
- Bellco Credit Union
- Central One Credit Union
- South Western Federal Credit Union
- Chase Bank
- Fifth Third
- Northwest Federal Credit Union
- Union Federal Savings Bank
- U.S. Bank Student Loans
- Comstar Federal Credit Union
- NASA Private Education Loans
- Oregon Community Credit Union
- AmeriChoice Credit Union
- New Jersey College Loans to Assist State Students
- Wells Fargo Student Loans
- Landmark Credit Union
- Discover Student Loan
- Sallie Mae
- Boeing Employee Credit Union
- Wright-Patt Private Education Loan
- First Dakota National Bank
- Alliant Credit Union
- Alaska student loans
- Chevron Federal Credit Union
- Baxter Credit Union
- Sun Trust Bank
- DIGTLF Credit Union
- Rivermark Community Credit Union
- Citizens Bank
USU Credit Union and UHEAA Complete Student Loan are offering private education loans starting 2015-16.
Please note: This list has been randomly sorted. Because this is a historical list, some of these lenders may no longer be involved in private student loans.
If you have general questions about private education loans, contact your financial aid counselor for assistance. For specific details you will need to contact the private education lender directly.
International students please note: Private education loans for international students generally require a US Citizen cosigner.